COMEX gold futures advanced on Tuesday morning, taking a cue from a sagging US dollar, which made the precious metal cheaper to buy for holders of overseas currencies, dealers said.
Benchmark April gold climbed $2.50 to $409.90 an ounce at 9:52 am EST (1452 GMT), in a range of $407 to $411.10, touching its strongest mark since January 29.
Prices have rallied from last week's more than two-month low at $395, as investors tested international resolve to restore stability to currencies and dumped the US dollar. Markets are on vigil for comments on the economy and policy from Federal Reserve Chairman Alan Greenspan, who appears before Congressional committees this week - in the Senate on Wednesday and in the House on Thursday.
Spot gold was at $408.60/9.20, versus $406.25/7.00 at Monday's New York close. London's early fix was at $408.35.
Traders peg resistance in April gold at $416, $420 and $430-432.30, with support at $395 and at levels down to $379.
Silver, which has largely been tracking gold, yielded some ground in early trade. COMEX March fell 0.8 cent to $6.42 an ounce, trading from $6.38-$6.48. Spot silver was worth $6.41/43, compared with $6.40/42 previously. It fixed at $6.435. NYMEX April platinum lost 70 cents to $832 an ounce. Spot hit $833.00/838.00. March palladium fell $2.60 to $240. Spot edged to $232.00/237.00.
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